1.Foreign Funds Flock To Indian Markets With Over $30 Bn Inflows
Foreign investors are flocking to the Indian capital markets in a big way with a net inflow of over $30 billion (more than Rs 2 lakh crore) of so-called hot money in 2017, with equities alone getting over $8 billion – an amount bigger than the cumulative investment of the previous two years.
As the year draws to a close, the Indian stock market seems to have regained its status as one of the most favoured destinations for foreign portfolio investors, as they have taken their net investment position in equities so far in 2017 to Rs 55,000 crore – the highest in three years after Rs 20,500 crore in 2016 and Rs 17,800 crore in 2015.
This is a far cry from the heady levels seen earlier – Rs 97,000 crore in 2014, Rs 1.13 lakh crore in 2013 and Rs 1.28 lakh crore in 2012.
However, a sharper turnaround was seen in 2017 in terms of FPI inflows into debt markets where the the net investments have soared to a staggering Rs 1.5 lakh crore ($23 billion) after a net outflow of about Rs 43,600 crore in 2016.
(Read full story on BloombergQuint)
2. Bitcoin-Inspired Illicit Investment Schemes to Face Regulatory Axe
Market watchdog Sebi will come down heavily on illicit 'initial coin offers' seeking public investments with promise of high returns from Bitcoins and other virtual currencies, amid a mushrooming of such schemes in the absence of any regulatory regime.
However, Sebi is not keen to take on the mantle of a regulator for such 'trading' – currently being offered on a number of so-called exchanges despite there being no rules in this regard – as the underlying product, which is Bitcoin or any such cryptocurrency, is not an approved product by the RBI or any other agency, top officials said.
At the same time, Sebi cannot allow gullible investors to be taken for a ride with unlawful promises by these exchanges and those claiming to 'mint' cryptocurrencies. A number of them are suspected to be indulging in fraudulent activities without actually minting any such virtual currencies that require very complex algorithms, the officials noted.
(Source:PTI)
3. Auto Industry Seeks Two GST Rates For Passenger Vehicles
Automobile industry body Society of Indian Automobile Manufacturers is seeking two tax rates for passenger vehicles under the Goods and Services Tax regime instead of multiple rates levied currently, as part of its wish list for the upcoming Budget.
The industry body has also sought from the Finance Minister Arun Jaitley a special tax rate of 12 percent for electric and hydrogen fuel cell powered vehicles.
“The automotive industry has been suggesting two rates for cars in place of multiple tax rates, and requests the government to keep only two rates for vehicles under the GST regime,” SIAM said in its suggestions for the Union Budget 2018-19.
Currently, in GST regime, small petrol cars with engine capacity less than 1,200 cc attract 1 percent cess, while diesel cars with engine capacity of less than 1,500 cc attract 3 percent cess, on top of the 28 percent tax.
(Read full story on BloombergQuint)
4. Panel Suggests Host of Changes in Life Insurance Sector
A committee constituted by the Irdai has suggested host of changes in the life insurance sector, including in the investment norms to improve the returns generated by the funds.
The insurance regulator had notified the IRDAI (Non- Linked Insurance Products) Regulations, 2013 and IRDAI (Linked Insurance Products) Regulations in February, 2013.
However, it was observed that there is a need to review the regulations due to changing market and economic environment, Insurance Regulatory and Development Authority (Irdai) said.
In January this year, it constituted an eight member committee to make recommendations on the amendments required in the regulations.
The committee in its report among other things has recommended that the investment norms "should undergo significant change" with a view to improve the returns generated by the funds while taking account of the risks inherent in the various asset classes.
(Source:PTI)
5. MCU to Include 'X-Men', 'Deadpool' Post Disney-Fox Merger
Disney CEO Bob Iger announced the Marvel Cinematic Universe will incorporate franchises such as "X-Men", "Fantastic Four" and "Deadpool" after the acquisition of 21st Century Fox is compete in the historic merger.
Disney is set to buy 21st Century Fox assets for USD 52.4 billion in the Hollywood deal.
AceShowbiz quoted Iger saying, "We're also looking forward to expanding the Marvel Cinematic Universe to include 'X-Men', 'Fantastic Four' and 'Deadpool'." The announced deal is a massive turnaround for Marvel as the company can finally reclaim many of its lost characters after it licensed them out to prevent bankruptcy in the 1990s.
(Source: PTI)
6.BPCL to Provide Grants and Investments to 2 Startup Ventures
PSU Bharat Petroleum Corporation Limited has agreed to provide grants and investments to two highly promising startup ventures at Maker Village, managed by IITM-K, under its flagship Project Ankur that aims to encourage entrepreneurship and innovation nationwide.
BPCL is offering to support further development of an Underwater Drone created by EyeROV Technologies and a Cattle Milking machine that enables early detection of dairy cattle diseases, developed by Resnova Technologies, a release issued by Maker Village said here today.
Aravind Krishnaswamy, General Manager (Strategy) BPCL exchanged MoUs with Jijo Paul, CEO at Resnova Technologies and Johns T Mathai, CEO at EyeROV Technologies, at the Maker Village at Kinfra Park in Kalama.
BPCL and Kerala Startup Mission are now working together to find promising new startups to support.
(Source: PTI)
7. Raymond Sets up Rs 250 Cr Linen Plant in Maharashtra
Textile major Raymond today launched its first ever Rs 250 crore linen manufacturing plant at Amravati that will cater to the company's own brands in domestic and international markets.
The facility is expected to produce 1,200 tonnes of linen yarns and 4.8 million meters of linen and blended fabrics per annum.
"So far we have done about Rs 250 crore capex in this business and we have big ambitious plans as to doubling the capacity in phase 2," Raymond Chairman and Managing Director Gautam Hari Singhania told PTI.
The plant was inaugurated by Maharashtra Chief Minister Devendra Fadnavis. The new greenfield linen manufacturing facility is under the company's subsidiary Raymond Luxury Cottons Ltd. “About 70 percent will go for Raymond's own consumption and the remaining will go to domestic and international markets," Singhania said.
(Source: PTI)
8.Personal Care Segment to Contribute 8% Revenue in 2 Yrs: Myntra
Fashion e-commerce major Myntra is investing in growing personal care segment to cater to the "masstige" section and expects it to contribute 7-8 per cent of its revenues in the next two years.
"Personal care is an important category and we are investing in it. The purchases are more frequent and we have seen a strong growth in the category with brands like Estee Lauder," Myntra CEO Ananth Narayanan told PTI.
He added that while the segment is small, it is growing and should contribute 7-8 percent of the company's revenues in two years.
(Source: PTI)
9. Samsung, UNESCO Partner for Videos on Indian Heritage Sites
Samsung India has entered into a partnership with UNESCO to launch virtual reality content and 360-degree videos on Indian heritage sites.
"Samsung India has entered into a partnership with UNESCO MGIEP (Mahatma Gandhi Institute of Education for Peace and Sustainable Development) to launch 360 video and virtual reality (VR) content of two magnificent Indian heritage sites, the Sun Temple in Konark, Odisha and Taj Mahal in Agra, Uttar Pradesh," the company said in a statement.
The project will provide experiential educational content to students across the country. "The immersive content will also be available to students at Jawahar Navodaya Vidyalaya (JNV), where Samsung Smart Class have been set up in over 500 schools since 2013," it added.
There are 36 UNESCO heritage sites in India at present. Samsung India said it may take up more sites to develop 360 video and VR content in future.
(Source:PTI)
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